Oil is getting smoked

On Tuesday, the price of oil was down more than 4.5% with West
Texas Intermediate crude prices moving back towards $50 a
barrel.

Near 1:30 pm ET on Tuesday, WTI prices were as low as
$50.32.

The latest drop in oil comes as the market begins to feel out
whether the recent climb in oil prices is the beginning of oil
finding a meaningful bottom, or just a "dead cat bounce" on the
way to the commodity hitting even lower prices.

Commentary from analysts of late have not expressed confidence in
the recent bounce, with Citi's Ed Morse notably saying that WTI
prices
could fall as low as $20 a barrel.